I think I'm being too elliptical. I'll be blunt: my prediction is that the overwhelming majority of startups that are willing to offer equity in exchange for contracting work are going to fail, and fail at a higher rate than other startups.

A willingness to pay in equity for consulting would to me be a red flag that the startup I was talking to was poorly managed.

I'm guilty too. To be clear: this startup tried to recruit me as CTO; I insisted on remaining in my partnership. They wanted very much to keep me invested in their idea, and warrants etc were a way of doing that. So not the usual kettle of fish.

Further I too would never consider stock instead of pay for any consulting activity. That's a loser move.